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When will the Clarity Act be adopted? Coinbase explains
David Duong, Head of Global Investment Research at Coinbase, presented his current assessment of the CLARITY Act adoption process — a critically important issue for cryptocurrency regulation in the United States.
According to Duong, after the bill resurfaced this week, the issue of stablecoin rewards has once again become one of the main points of contention.
Last week, on March 20, Thom Tillis and Angela Alsobrooks announced that the Senate Banking Committee had reached a preliminary agreement paving the way for the bill’s adoption. However, a new framework released on March 24 indicated significant changes in the regulatory details.
Under the new proposal, only rewards for passively held stablecoin balances would be prohibited, while more limited reward mechanisms tied to activities such as payment operations or platform usage would still be allowed. This approach is said to address banks’ concerns about deposit outflows while not completely stifling innovation in stablecoin-based products.
On the other hand, representatives of the crypto sector are working on a coordinated counterproposal, advocating for amendments to the current draft to protect users and ensure the sustainability of reward models. Duong notes that, under the base case scenario, rules regarding stablecoin rewards could be clarified within the next three weeks. During this process, other unresolved issues are also expected to be addressed, such as establishing a viable “on-ramp” for the SEC and preserving the agency’s authority to grant exemptions.
The expected timeline is noteworthy. According to these projections, the Senate Banking Committee could bring the bill to a vote in the second half of April, and if the necessary conditions are met, the law could receive final approval as early as May.
